ETH Price Analysis – September 2
Ethereum price moves to break the $180 resistance level as the coin maintains its upward movement.
Resistance levels: $200, $210, $220
Support levels: $150, $140, $130
Ethereum has performed better than other coins in recent weeks. Although the ETH price is progressing slightly, all movements are upward. The current performance of the Ethereum market indicates the beginning of an uptrend very soon. It’s just a matter of time for this coin to reach $200 level again.
In the last 3days, ETH has recorded this month highest value moving from $171 to $179 by crossing the 9-day EMA as at the time of writing. The on-going trend may move a little bit higher this week, and the coin may likely cross the 21-day MA to touch the nearest resistance at $200, but if the bulls put more effort, it could hit additional resistance levels at $210 and $220 respectively.
Meanwhile, the support levels to watch out for are $150, $140 and $130. The stochastic RSI indicator is recovering from the oversold, indicating bullish signals.
Against Bitcoin, Ethereum has continued to follow a bearish sentiment and about to break down the symmetric triangle channel. The coin suffers from a strong buying power as the bulls are trying to gain momentum; the sellers continue to release huge pressure on the market. For now, Ethereum is trading around 0.0185BTC which is very close to its all-time low.
Furthermore, the bearish scenario might rally further to 0.0165BTC and 0.0160BTC support levels. Currently, the stochastic RSI indicator is moving towards the oversold zone and should the bulls manage to find support at this level, an upward movement could push the price to the 0.0180BTC and potentially 0.0185BTC resistance levels may likely surface. But, a glance at the current market suggests a dominant downtrend for ETH/BTC market.
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